EUR/USD: The pair continues its descent to further test the daily Bolli base, now initial support at $1.2915 just above yesterday’s low of $1.2912. A break below here targets the key Jul 2012 support line, at $1.2858, ahead of here support from the 76.4% Of $1.2746 to $1.3243 and the 55-week MA at $1.2863 and $1.2884, respectively. To turn sentiment around, bulls need to break back above the 200 & 55-DMAs, however bears eye the Apr 4 reversal low at $1.2746.
R 4: $1.3115/16/17 Apr 29, 22 highs
R 3: $1.3050 21-DMA
R 2: $1.3001/04/24 200-DMA, 55-DMA, 5-week MA
R 1: $1.2973 5-day moving average
Latest price: $1.2925
S 1: $1.2912/15 Low May 14, Daily Bollinger band base
S 2: $1.2858/63/84 Jul 2012 Support line, 76.4% of $1.2746-1.3243, 55-week MA
S 3: $1.2746/55 Reversal low Apr 4, Weekly Bollinger band base
S 4: $1.2662 Nov 2012 reversal low
GBP/USD: The cross descends further to trade below the 55-DMA, now initial resistance at $1.5245, bulls look to retest this level but dly studies continue to slide, wkly studies suggest an imminent reversal and mthly studies are neutral to bearish. We continue to note the measured move of the channel-break targets $1.5025, ahead of here initial support at $1.5207/19, yesterday’s low and 50.0% of $1.4832 to $1.5606. Bears aim to retest the Mar 12 low at $1.4832.
R 4: $1.5393/5404/10/12/24 Highs Apr 12, 11,
R 3: $1.5368/79 High Apr 19, Channel base from Mar 12
R 2: $1.5309 5-DMA
R 1: $1.5245 55-DMA
Latest price: $1.5225
S 1: $1.5207/19 Low May 14, 50.0% of $1.4832-1.5606
S 2: $1.5128/33 61.8% of $1.4832-1.5606, Lower daily Bollinger band
S 3: $1.5015/25 76.4% of $1.4832-1.5606, Measured move of channel break
S 4: $1.4832 Low Mar 12
USD/JPY: The pair makes another fresh high, this time at Y102.43 and now part of initial resistance, just below the 3% MA envelope top at Y102.51. Bulls look to break above, spurred on by bullish studies, next resistance level seen at Y103.08, the weekly Bollinger band top and further resistance at Y103.78, the reversal low of Jun 2012. The pair will likely move higher but first bears may attempt to break back below the Feb 11 former res line at Y101.83.
R 4: Y105.50 61.8% Fibonacci of Y124.14 to Y75.35
R 3: Y103.78 Reversal low June 2012
R 2: Y103.08 Upper weekly Bolli band
R 1: Y102.43/51 High May 14, 3.00% MA envelope top
Latest price: Y102.20
S 1: Y101.83 Feb 11 former resistance line – now support
S 2: Y101.45/51 Reversal high Apr 2009, 2.00% MA envelope top
S 3: Y100.52/54/79 May 10 low, May 9 high
S 4: Y99.89/90/95 Apr 22 high, Apr 11 high
EUR/JPY: The pair fades from the Feb 6 resistance line after testing yesterday, still initial res now at Y132.90, just above the dly Bolli top and May 14 high at Y132.65/77. This key initial res level likely to be tested again, but bears look to recover, yesterday’s low is initial support at Y131.54. Studies are still bullish but suggest they are overbought, a break below initial support may encourage bears but we see eur-yen as bullish in the longer-term.
R 4: Y135.12 4.00% MA envelope top
R 3: Y134.09 Weekly Bollinger band top
R 2: Y133.82 3.00% MA envelope top
R 1: Y132.65/77/90 Daily Bollinger top, High May 14, Feb 6 resistance line
Latest price: Y132.15
S 1: Y131.12/22/54 High Apr 11, 1.00% MA envelope top, Low May 14
S 2: Y130.70 Apr 22 high
S 3: Y130.32/42 Daily Tenkan line, May 8 high
S 4: Y129.67 21-day moving average